Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 15, 2022. The 30-year fixed-rate mortgage averaged 6.31%, down from last week when it averaged 6.33%. A year ago at this time, the 30-year rate averaged 3.12%.
News in end use
Canadian Home Sales and Home Prices Decline in November
Statistics released today by the Canadian Real Estate Association (CREA) reveal that national home sales recorded over the Canadian MLS® system declined 3.3% on a month-over-month basis in November. The November decline has erased October’s small gain.
US Weekly Jobless Claims Decrease for the Week Ending December 10th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 211,000 during the week ending on Saturday, December 10, 2022. This is a decrease of 20,000 from the previous week’s revised level of 231,000 (originally reported as 230,000).
Canadian Investment in Building Construction Increased in October
Statistics Canada reported today that nationally investment in building construction in October increased 0.2% to $20.9 billion (CAD). Investment in residential building construction in October was down by 0.1% to $15.4 billion. Single family home investment declined 2.3%.
Mortgage Applications Rise in the Week Ending December 9th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 9th, the Market Composite Index (a measure of mortgage loan application volume) increased 3.2% on a seasonally adjusted basis from one week earlier.
Commercial and Multifamily Mortgage Debt Outstanding Increased $70 Billion in Q3
The Mortgage Bankers Association on Thursday, released its latest Commercial/Multifamily Mortgage Debt Outstanding (CMMDO) quarterly report. According to the CMMDO, in 2022Q3, the level of commercial/multifamily mortgage debt outstanding increased by 1.6%, or $70.0 billion.
Consumer Price Index Increases 0.1% in November; Year-Over-Year All-Item Index Up 7.1%
The US Bureau of Labor Statistics on Tuesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in November, on a seasonally adjusted basis, after increasing 0.4% in both October and September. Over the past 12 months, the all-item index has increased 7.1% before seasonal adjustment.
Median Asking Rent in November Posts Smallest Increase in 15 Months
Redfin reported on Tuesday that the median asking rent climbed 7.4% year-over-year in November to $2,007. This is the smallest increase in 15 months and the sixth-consecutive month in which annual rent growth slowed.
Ontario and Canada Investing in Clean Energy Products Using Forest Biomass
The governments of Ontario and Canada jointly announced on Tuesday that they are investing $11.3 million (CAD) to expand CHAR Technologies’ facility in Thorold, Ontario, to produce renewable natural gas (RNG) and biocarbon. The move will create the largest facility of its kind in Canada.
Prices of Building Materials Decline for Third Consecutive Month in November
A closer look at the Bureau of Labor Statistics November 2022 Producer Price Index (PPI) report reveals that the prices of building materials declined 0.3% in November (not seasonally adjusted). The index has declined five out of the past six months for the first time since 2015.